AFB vs GJT: Correlation
Measured on weekly returns over the past three years, AllianceBernstein National Municipal Income Fund Inc (AFB) and Synthetic Fixed-Income Securities, Inc. Floating Rate (GJT) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and GJT?
Over the past 3 years, AFB and GJT moved with a correlation of 0.23, which is weak. Recent behaviour matches the longer record: 0.23 over 1 year against 0.23 over 3. Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 21.5 %².
Out of 24 assets tracked against AFB, GJT lands near the bottom at #21. Twelve-month performance is nearly a tie, at +10.5% for AFB and +8.6% for GJT. Note the risk asymmetry: AFB runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AFB vs GJT: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | GJT (Synthetic Fixed-Income Securities, Inc. Floating Rate) | |
|---|---|---|
| 1-year return | +10.5% | +8.6% |
| 5-year return | -9.9% | +44.3% |
| Volatility (ann.) | 12.6% | 7.3% |
| Beta vs S&P 500 | 0.26 | -0.02 |
| Max drawdown (3Y) | -15.1% | -5.3% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | GJT |
|---|---|---|
| 2022 | -25.9% | +4.5% |
| 2023 | +7.5% | +13.6% |
| 2024 | +4.1% | +10.6% |
| 2025 | +4.4% | +6.2% |
| 2026 | +4.6% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and GJT good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AFB and GJT?
The AFB/GJT correlation stands at 0.23 on a 3-year window (1 year: 0.23, 5 years: 0.14), computed from weekly returns as of 2026-08-27.
Is GJT a good diversifier for AFB?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afb-vs-gjt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afb-vs-gjt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AFB correlations · GJT correlations
